Gasser Bahgat, CEO of Madar Development, has announced that the company plans to invest EGP 22bn in real estate projects in Egypt to build modern and luxurious communities.
Bahgat said that Ain Sokhna has proven its standard efficiency in defying the conditions imposed by the COVID-19 pandemic and announced itself after it became the preferred residence for many citizens.
He added that the project spans over 400 feddan as it is considered the largest tourism project in the Ain Sokhna region at an investment cost of EGP 6bn.
He further noted that the project comprises about 2,500 housing units in addition to 5-star hotels, water games, restaurants, cafes and private beach as well as security services.
The company has teamed up with global operators and agencies in field of contracting, including YBA, Benoy, Omni View, WATG, Hany Saad, MemarK ACE Moharram Bakhoum RMC, BW, Raouf Fahmy, Barton, Well More, he disclosed.
Bahgat explained that one of the most important factors of the success of real estate developers in withstanding the repercussions of the Corona crisis was the diversity of their real estate production to keep pace with desires and needs of customers in real estate and commercial units.
“Real estate export requires studying three important categories of customers, namely Egyptians expatriates who target certain real estate patterns and the Arab customer in Cairo and coastal cities, a category that often does not seek exceptional requirements as well as the foreign customer who prefers a real estate unit within an integrated project with various services and distinctive natural features,” he explained.